Exeter, Devon
- SIZE
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Key features
- - Student investment opportunity comprising 29 high-quality studios and ancillary communal facilities.
- - Located in the popular student city of Exeter, which has
- experienced a 58% growth in its student population since 2014.
- - The University of Exeter is currently ranked 13th in The Times Good University Guide 2024, rising by 8 places since last year.
- - Fully let since completion in 2017
- - The current gross income for the academic year 2022/2023 is £313,318.
- - 93% forward let for 2023/2024 with a projected rental income of £355,317
Description
Verney Street Studios is a four-storey student building converted in 2017. The property is primarily brick built with cladding to the upper levels. The cladding is B1 rated. Internally, there are 29 high-quality self-contained studios. The studios range in size from 21 sq m – 31 sq m. They are fitted with ensuites, spacious kitchens with full-size hobs, smart TVs, a large desk, blackout blinds and double beds.
The property also features several communal areas including an internal courtyard, a large communal lounge, and a gym. The property also has a luggage store and a secure bike store which can house up to 22 bikes.
Situation
Verney Street Studios is located within Devon’s vibrant capital city of Exeter in the southwest of England. Exeter is approximately 46 miles northeast of Plymouth, 79 miles south of Bristol and 173 miles west of London.
Exeter benefits from excellent transport connectivity. The M5 motorway provides access from Exeter to Bristol within 1 hour 35 minutes and Birmingham within 2 hours 50 minutes. The city also has an international airport 5 miles from
the centre. Exeter is the main railway hub for the south-west and has three railway stations. Exeter’s St David’s station provides direct access to Paddington within 2 hours and 15 minutes. Public transport within Exeter is generally through
bus routes and operates city-wide.
Verney Street Studios provides great accessibility to the retail and leisure amenities within the city centre. The property is a 1-minute walk from Sidwell Street which offers a large range of bars, restaurants and the John Lewis store. The University of Exeter’s Streatham campus can be reached in circa 15 minutes either by public transport or by walking (0.8 miles) whilst the same journey takes 8 minutes by bicycle. The university’s St. Luke’s Campus is also within an
8-minute walk, 5-minute bus ride, or 3-minute cycle away.
Directions
From the city centre bus station, proceed down Paris Street taking the second exit at the roundabout into Western Way. Take the next left at the traffic lights in to Summerland Street and take the first turning right into Verney Street.
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TENURE
The property is held on a long leasehold title. The lease is for 125 years starting from 21st October 2016 with 118 years remaining. There is a peppercorn ground rent and no service charge payable. The Freeholder is Exeter City Council.
RENTAL INCOME
Academic Year 2022/2023 The property has achieved 100% occupancy since its completion in 2017. The property is currently fully let and producing a gross income of £313,318. Academic Year 2023/2024 The rent for 2023/2024 is £355,317 and is currently fully let. The projected gross income for 2023/2024 reflects an attractive gross yield of 9.9%. Operational Budget The operational budget for 2021-2022 totalled £73,768 reflecting £2,543 per studio. A full breakdown of the budget can be found on the data-room.
Energy Performance Certificates
EPCs can be viewed/ downloaded on the dedicated website.
AML
A successful bidder will be requested to provide information to satisfy the AML requirements when Heads of Terms are agreed.
Further Information
Additional Information can be found via the following data room:
Viewing Information
The flats will be subject to block viewings and will not be available for viewing internally outside of these times. Please register on the dedicated website to receive notification of the viewing dates.
Asking Price
Offers are invited in excess of £3,750,000 reflecting an attractive gross yield of 9.47% based on 2023/2024 income, subject to contract.
Brochures
Particulars- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
- Band: TBC
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- Ask agent
- GARDENA property has access to an outdoor space, which could be private or shared.
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- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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Energy performance certificate - ask agent
Exeter, Devon
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- St James Park Station0.2 miles
- Exeter Central Station0.5 miles
- Polsloe Bridge Station0.9 miles
About the agent
Wilkinson Grant & Co Land & Investment, Topsham
72 Fore Street, Topsham, EX3 0HQ
"2022, 2021 and 2019 award winners in the Best Estate Agency Guide, placing Wilkinson Grant & Co in the top 3% of estate agents in the country. Feefo Gold Trusted Service Award 2020. National recognition at the EA Masters for 'Best Small Sales' 2019. Voted the best small Estate Agency in the UK in 2006 and the best in the Southwest in 2008, 2009, 2011, 2012 and 2013 at the Estate Agency of the Year Awards. Wilkinson Grant & Co offer a comprehensive range of services including":-
Propert
Industry affiliations
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Visit our security centre to find out moreDisclaimer - Property reference LND230007. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Wilkinson Grant & Co Land & Investment, Topsham. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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